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...main MICEX stock exchange shut down for two days on Sept. 16 after it lost 17% of its value in a matter of hours. At that point the market was down almost 60% for the year, its lowest level since early 2006, although it has since been boosted by measures taken by the Russian central bank and the Kremlin. Those measures, however, weren't enough to shore up the nation's largest investment bank, Renaissance Capital, which on Sept. 21 sold a 50% stake to the Russian oligarch Mikhail Prokhorov for $500 million. Just over a month ago, Forbes magazine...
Well, the main reason is that I was fortunate enough to spend my high school years there. At that time, everything was kind of odd and just a little bit burnt and a little wet with oil. And just like the English have in the past 25 years, they've figured out in Spain that they have the most amazing products and this amazing tradition...
...that clamping down on their pay would only hurt their willingness to get on board. Critics in both parties say the threat of the executives' firms going belly-up should ensure their cooperation regardless of what restrictions are placed on their once golden parachutes. Mounting pressure from constituents on Main Street is likely to mean there will be some cap on compensation associated with the bailout. But corporate America usually finds a way around such limitations, and there are even legal questions about what kind of restrictions can be placed on the firms' compensation structures...
...biggest problem Paulson faces, though, is that the American people don't seem to have understood that the crisis on Wall Street could spread to Main Street with very painful consequences. "We just haven't communicated as well as we need to," Paulson acknowelged this morning. "The average American looks at this as being about Wall Street, and they're angry, and I'm angry too. There have been huge excesses and flaws in the system, but the average American doesn't understand the implications this has for them: money needs to flow through the system so that every American...
...Prize for his reporting five years later on Cambodia's killing fields.) Passing through the charred husks of villages razed by West Pakistani troops, he heard whispered story after story of mass executions of Hindus, college students and anybody suspected of Bengali nationalism. Neighborhoods were gutted as Bangladesh's main cities fell to a fifth of their existing population; 10 million refugees fled west to India. Almost every Bangladeshi household has a tale of loss and suffering. Around 400,000 women, by some estimates, were raped...